On the Wednesday prior to the monthly Government unemployment report ADP releases their view on the employment situation of the United States.
Today’s numbers from ADP continue to show deterioration in the job market, but that should not come as a surprise. I still maintain my prediction of unemployment reaching 8.4% on the headline number, and I will likely revise my own estimate upwards in the near future.
FEBRUARY ADP EMPLOYMENT CHANGE: -697K V -630KEÂ Â (LOWEST READING ON RECORD)
- Prior month revised Lower from -522K to -614K
- Small businesses             -262K v -175k m/m
- Medium businesses         -314K v -255k m/m
- Large businesses            -121K v -92k m/m
- Goods-producing sector:Â -338K v -243k m/m
- Service-providing sector:Â -359K v -279k m/m
- Manufacturing industry:Â Â Â Â -219K v -160k m/m
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